Chinese economy to grow at 6.6pc

BEIJING - China’s GDP growth is projected to be 6.6 percent in 2016 before moderating to 6.2 percent in 2017, the IMF forecast in its newly-released World Economic Outlook and Global Financial Stability Report.

The reports, released ahead of the annual meeting of IMF and WB in Washington next weekend, gave positive comments on Chinese economy, saying that thanks to its previous policies to stabilize growth, China is expected to continue a relatively rapid growth.

The latest reforms launched by Chinese govt have improved the risk-resistance capability of China’s economy and financial system by securing a more balanced growth and increasing the weight of market, the reports added.

The IMF pointed out in the World Economic Outlook that emerging economies like China and India constitute a strong dynamo for global economic growth by registering a growth higher than world average.

As China continues its efforts in restructuring economy, its consumption maintains a moderate growth and the service industry contributes more to economy, said the report, adding that China’s economic transition will be continued as the country improves its social security network and further opens its service industry.

The report also predicted that with the continuous increase of China’s per-capita income, the income gap between China and developed world will narrow down 7 percentage points in the coming five years.